**REGISTERED CHARITY NUMBER: 1177442**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 31 March 2024**
**for**
**The Arnaud Massenet Family Foundation**
**The Arnaud Massenet Family Foundation**
**Contents of the Financial Statements for the Year Ended 31 March 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|10|
**The Arnaud Massenet Family Foundation**
## **Report of the Trustees for the Year Ended 31 March 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity's objectives are to further such exclusively charitable purposes according to the law of England and Wales as its charity trustees in their discretion from time to time determine.
## **Significant activities**
The charity has continued to fund the construction of a school in South Africa through its donations to Africa Foundation. In addition, the trustees have continued to work to put in place appropriate systems and processes to support the charity's future grant-making activity, once this project is complete.
## **Public benefit**
The charity meets the definition of a public benefit entity under FRS102. The trustees have had due regard to guidance issued by the Charity Commission on public benefit and all grants which are to be made in future will be to further the charity's purposes for public benefit.
## **Grantmaking**
The charity makes grants to organisations and individuals for exclusively charitable purposes.
The charity has a grant-making policy in place which sets out its priorities for funding, the process the trustees follow in making grants and what is required from grant recipients in terms of monitoring and reporting.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The first phase of the school building project, which was supported through prior years grants to Africa Foundation, was completed during the year end 2022. The first phase of construction took place between late 2019 and early 2021 and the trustees received reports on the progress and eventual outcome of the project, along with financial information regarding spending against budget. Following successful completion of this phase, the trustees agreed to fund the second and third phases of the project, with construction of the second phase of the project being completed at the end of January 2022.
During 2023 and 2024 further funding was provided to enable the third phase of the project to commence.
## **FINANCIAL REVIEW**
## **Financial position**
The charity received £7,018 (2023: £54) of income during the year. A £300,000 loan was received in 2023 to enable grant making to continue in the period which is to be repaid only if cash reserves permit. Should the funds not allow this the loan should then be treated as a donation in October 2027.
From the income above along with funds held the charity paid grants to the Africa Foundation of £1,770 (2023: £343,600), As a result the charity is showing a surplus for the year of £1,477 (2023: £347,012 deficit).
As detailed in note 7, a loan of £300,000 was made to the charity in the year to 31 March 2023. This loan will not be repaid whilst the unrestricted fund balance remains negative.
## **Reserves policy**
The charity had negative reserves of £304,518 at 31 March 2024. The charity's policy is to pay grants based on its ability to do so taking into account commitments already made.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is an incorporated charity, being a CIO which was set up on 6 March 2018.
Page 1
**The Arnaud Massenet Family Foundation**
## **Report of the Trustees for the Year Ended 31 March 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Induction and training of new trustees**
New trustees are briefed on their legal obligations under charity law, the content of the constitution of the charity, the committee and decision making processes, recent financial performance and future plans. They are introduced to other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
1177442
## **Principal address**
C/O EJM - Womble Bond Dickinson (UK) LLP The Spark, Draymans Way Newcastle NEWCASTLE UPON TYNE NE4 5DE
## **Trustees**
Arnaud Massenet Isabella Massenet Carolina Sciamme-Massenet
## **Independent Examiner**
Christopher Beaumont BA (Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
## **Charitable Incorporated Organisation Company Number**
CE013456
Approved by order of the board of trustees on 3 March 2025 and signed on its behalf by:
A Massenet - Trustee
Page 2
**Independent Examiner's Report to the Trustees of The Arnaud Massenet Family Foundation**
## **Independent examiner's report to the trustees of The Arnaud Massenet Family Foundation**
I report to the charity trustees on my examination of the accounts of The Arnaud Massenet Family Foundation (the Trust) for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher Beaumont BA (Hons) BFP FCA DChA
Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
6 March 2025
Page 3
## **The Arnaud Massenet Family Foundation**
## **Statement of Financial Activities for the Year Ended 31 March 2024**
|2024
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
7,000
Investment income
3
18
**Total**
7,018
**EXPENDITURE ON**
**Charitable activities**
4
Charitable activities
5,541
**NET INCOME/(EXPENDITURE)**
1,477
**RECONCILIATION OF FUNDS**
Total funds brought forward
(305,995)
**TOTAL FUNDS CARRIED FORWARD**
(304,518)|2023
Total
funds
£
-
54
54
347,066
(347,012)
41,017
(305,995)|
|---|---|
The notes form part of these financial statements
Page 4
**The Arnaud Massenet Family Foundation**
## **Balance Sheet 31 March 2024**
|2024
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
1,662
**CREDITORS**
Amounts falling due within one year
6
(306,180)
**NET CURRENT ASSETS/(LIABILITIES)**
(304,518)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
(304,518)
**NET ASSETS/(LIABILITIES)**
(304,518)
**FUNDS**
8
Unrestricted funds
(304,518)
**TOTAL FUNDS**
(304,518)|2023
Total
funds
£
1,199
(307,194)
(305,995)
(305,995)
(305,995)
(305,995)
(305,995)|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 3 March 2025 and were signed on its behalf by:
A Massenet - Trustee
The notes form part of these financial statements
Page 5
**The Arnaud Massenet Family Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Charity status**
The Arnaud Massenet Family Foundation is a CIO registered with the Charity Commission.
The Charity's registered number and office can be found in the Report of the Trustees.
## **Going Concern**
The Charity's unrestricted funds are negative due to the acceptance of a conditional loan to fund grants. The loan is only repayable in the event that the Charity's unrestricted cash reserves exceed the balance of the loan and is convertible within five years of the loan agreement to a donation if the necessary conditions apply. In addition, the charity has received a donation of £110,000 in May 2024. Whilst the donation has been paid out as a grant, the gift aid on it will be retained to help cover the running costs of the organisation.
The Trustees have reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
All funds used by the Foundation during the current and prior periods relate to unrestricted funds.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 6
continued...
**The Arnaud Massenet Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Critical accounting estimates and areas of judgement**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the subsequent actual results.
Due to the non complex nature of the charity's operations in the opinion of the trustees there are no key judgements or estimation uncertainties that need to be considered when preparing the financial statements.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grants to organisations
Independent Examiner's fee
Other accountancy fees
Legal & professional fees|2024
£
7,000
2024
£
18
2024
£
1,770
2,743
275
753
5,541|2023
£
-
2023
£
54
2023
£
343,600
2,556
910|
|---|---|---|
|||347,066|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
continued...
Page 7
**The Arnaud Massenet Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other loans (see note 7)
Trade creditors
Accrued expenses|2024
£
300,000
1,212
4,968
306,180|2023
£
300,000
4,785
2,409|
|---|---|---|
|||307,194|
## **7. LOANS**
|An analysis of the maturity of loans is given below:|||
|---|---|---|
||2024|2023|
||£|£|
|Amounts falling due within one year on demand:|||
|Other loans|300,000|300,000|
The loan of £300,000 is unsecured and interest is not charged. The charity shall be required to repay the loan subject to and conditional upon the charity having sufficient unrestricted reserves in its bank account, within 10 business days of its unrestricted reserves reaching the required level.
If the loan has not been required to be repaid by 7 October 2027, the loan will automatically be deemed to have been converted to an unrestricted donation.
## **8. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
(305,995)
(305,995)
Incoming
resources
£
7,018
7,018|Net
movement
At
in funds
31.3.24
£
£
1,477
(304,518
1,477
(304,518
Resources
Movemen
expended
in funds
£
£
(5,541)
1,477
(5,541)
1,477|At
31.3.24
£
(304,518|At
31.3.24
£
(304,518|
|---|---|---|---|---|
||||(304,518||
|||||1,477|
continued...
Page 8
**The Arnaud Massenet Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **8. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
41,017
41,017|Net
movement
in funds
£
(347,012)
(347,012)|At
31.3.23
£
(305,995)
(305,995)|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
54
54|Resources
Movement
expended
in funds
£
£
(347,066)
(347,012)
(347,066)
(347,012)|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
41,017
41,017|Net
movement
in funds
£
(345,535)
(345,535)|At
31.3.24
£
(304,518)
(304,518)|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|7,072|(352,607)|(345,535)|
|**TOTAL FUNDS**|7,072|(352,607)|(345,535)|
continued...
Page 9
**The Arnaud Massenet Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024**
## **9. RELATED PARTY DISCLOSURES**
£7,000 of donations were received from trustees during the year.
Trustee, A Massenet, loaned the Charity £300,000 in the year to 31 March 2023, the balance at the year end was £300,000. Further details of the the loan and its convertible clause are included in note 7.
Page 10